Granite Point Mortgage Trust Inc (NYSE:GPMT) declared a quarterly dividend on Wednesday, September 18th, Zacks reports. Stockholders of record on Thursday, October 3rd will be paid a dividend of 0.42 per share on Friday, October 18th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 9.21%. The ex-dividend date of this dividend is Wednesday, October 2nd.
Granite Point Mortgage Trust has a dividend payout ratio of 109.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Granite Point Mortgage Trust to earn $1.54 per share next year, which means the company may not be able to cover its $1.68 annual dividend with an expected future payout ratio of 109.1%.
GPMT traded up $0.11 during trading on Friday, hitting $18.24. The company had a trading volume of 211,991 shares, compared to its average volume of 302,499. The company has a market capitalization of $991.75 million, a PE ratio of 12.85 and a beta of 0.42. Granite Point Mortgage Trust has a one year low of $17.45 and a one year high of $19.69. The firm’s 50-day moving average price is $18.49 and its 200 day moving average price is $18.85. The company has a quick ratio of 28.84, a current ratio of 28.84 and a debt-to-equity ratio of 1.44.
Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). Granite Point Mortgage Trust had a net margin of 31.28% and a return on equity of 7.57%. The company had revenue of $27.83 million during the quarter, compared to the consensus estimate of $28.90 million. Sell-side analysts forecast that Granite Point Mortgage Trust will post 1.43 earnings per share for the current year.
In related news, COO Steven Plust purchased 10,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $18.56 per share, for a total transaction of $196,736.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.00% of the stock is owned by insiders.
Several research firms have recently weighed in on GPMT. Raymond James lowered shares of Granite Point Mortgage Trust from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $21.00 to $20.50 in a research note on Tuesday, August 13th. Zacks Investment Research lowered shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st.
About Granite Point Mortgage Trust
Granite Point Mortgage Trust Inc originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. As of December 31, 2018, its investment portfolio includes 94 commercial real estate debt investments.
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